|
<br />83- uOid'i':
<br />
<br />Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br />indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
<br />date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
<br />interest at such rate would be contrary to applicable law. in which event such amounts shall bear interest at the highest rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any action hereunder.
<br />8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br />that Lender shall give Borrower notice prior to any such inspection speci fying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any
<br />condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation. are hereby assigned
<br />and shall be paid to Lender,
<br />In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage,
<br />with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender
<br />otherwise agree in writing. there shall be applied to the sums secured by this Mortgage stich propbrtion of the proceeds
<br />as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
<br />taking beaI:.~ lothe. fairmarke! value of the Property immediately prior to the date of taking, with the balanee of the proceeds
<br />paid t(f.Borrower,
<br />If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make
<br />an -award or-settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
<br />mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
<br />Property or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower othcT\\'ise agree in writing. any slIch application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
<br />such installments.
<br />to. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
<br />by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner,
<br />the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
<br />proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
<br />secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shall not be a waiver of or p,eclude the exercise of any such right or remedy,
<br />The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
<br />right to accelerate the maturity of the indehtednc'\s ..cclIrcd by this Mortgage.
<br />12. Remedies Cumulative. All remedies provided in this i\-fortgage arc distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity, and may he exercised concurrently. independently or successively.
<br />13. Successo", and Assigns Bound: Joinl and Several I.iability: Captions, The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicable iaw to be given in another manner, (a) any notice to
<br />Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at
<br />the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and
<br />(b) any notice to Lender shall be given by certified mail. return receipt requested. to lender's address stated herein or to
<br />such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
<br />Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Uniform Mortgage; Governing Law: SeverabilitY4 This form of mortgage combines uniform covenants for national
<br />use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
<br />real propeny, This Mortgage shall he governed by the law of the iurisdiction in which the Property is located, In the
<br />event that any provision or clause of this Mortgage or the Narc conflicts with applicable law. such conflict shall not affect
<br />other provisions of this Mortgage 1.1r the Note which can be given effect without the conflicting provision. and to this
<br />end the provisions of the Mortgage and the NNe are declared to be severable.
<br />16, Borrower's Copy. Borrower shall he furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17, Transfer of the Property: Assumption, If all or any part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior written consenl. excluding (a) the i;reation of a lien or encumbrance subordinate to
<br />this Mortgage, (h) the creation of a purchase money set.:urity interest ffor household appliances. (e) a transfer by devise.
<br />descent or by operation of law upon the death of a joint tenant or t'dl the grant of any leasehold interest of three years or less
<br />not containing an option to purchase. lender may. at Lcnder's ("'ption. declare all the sums secured hy this Mortgage to be
<br />immediately due and payable. Lender shall have waived sUl2h option 11.) accelerate if. prior to the sale or transfer, Lender
<br />and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br />is satisfactory to Lender and that the interest payable on the sums secured hy this Mortgage shaH be at such rate as Lender
<br />shall request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in
<br />interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
<br />obligations under this Mortgage and the Note,
<br />If Lender exercises such option to accelerate. lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
<br />which Borrower may pay the sums declared due. If Borrower fails 10 pay such sums prior to the expiration of such period.
<br />Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
<br />
<br />NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />18. Acceleration; Remedies.. Except as provided in pars2,raph 17 hereof, upon Borrower's breach of any covenant or
<br />agreement of Borrower in this Mo.....age, including the COl"enants to pa)' l"hen due any sums secured by this r\-1ortgage.
<br />Lender prior to acceieration shaii maii notice to Borrower as pro,-ided in para2ntph 14 hereof specifying: (1) the breacn.
<br />(2) lhe sction requited 10 ~ure such breach: (3) a dale. nol less thall 30 davs from Ihe date the notice is mailed to Borrower,
<br />by wbich su~h breach must be cured; and (4) Ihat failure to cnre sucb b;each on or before tbe date specified ill Ihe nolice
<br />may result in acceleration of the sums secured by Ihis i\1orlgllRe. foreclosure by judicial proceeding and sale of the Property.
<br />The notice shall further inform Borrower of Ihe riaht to ",inslate after acceleration and the righl to .....ert in Ihe foreclosure
<br />ptGI:eedlnc the non-existence of a delaull or any olher defense uf Borrower 10 acceleration aud foreelosu"" If the hreach
<br />. is not cured on or before the date specified in the noticf:'. I.ender at Lender's optiun may de(,.'lare all of tbe sums set.'ured by
<br />IhIa MorlI:lIlle 10 be imntedialely due aud payable withoul further demand and may (o",dose by jndicial proceeding, Lender
<br />shalt be endtltcl to e.olled in such proceedina all expenses of foret'lnsure, indudinJ:. hut not lin.ited to, l'o~1s (.f documenturv
<br />evideat:e.abst""".. and lllle reports. '
<br />19. Bonow.rs RJabt to Reinstate:. Notwithstanding Lender's aCt..'cl~ratlon (\f the 'dmlS securt.d by thi.. MDrtgage.
<br />Borrower sbaU has,,-e the right to have any proceedings hegun hy Lt'nder It) cnll)fcc IhlS !>.'lortgagc i.iJscontlflllcd '--It <lny tuHe
<br />
<br />
|